[Press PLAY and you can listen to a reading of this article.]

 

 

 

 

 

UBI, Universal Basic Income

The reality and a dream

and a possible utopia.

 

 

 

 

 

The Realities

 

 

 

Well, let’s not kid ourselves!

This is what’s it all about, in the world:

At the end of the day it’s about survival.

To get some food on the table.

To own a table, a chair.

To have a roof.

 

And to have those fundamental human needs covered, nowadays we need  …. Money.

Dollars, rupees, roubles, euros, yen, whatever.

All the same, actually.

 

The means to buy what we need.

 

~~~

Maybe it was not always so, in the tribes, in nomadic societies, in Ancient Greece …

Maybe giving to the group our abilities and getting the basic needs covered by being a part of the group was the norm.

Maybe barter.

Then came seashells, gemstones, diamonds, gold … stamped coins.

 

Money as we know it was born.

And that has not changed much ever since.

It has just become much more sophisticated.

Much much more complicated.

Much more digital.

 

But the basics have not changed.

 

On the heels of any kind of money comes its shadows.

Calculating, accounting, saving, hoarding, greed, deception, crime.

Money lenders, interest rates, extortion, mafia, banks, stock market, traders, short sellers.

The whole shebang.

 

 

 

Digital barons.

Millionaires, Billionaires.

Inherited wealth, privilege, influence.

Some folks born with the Golden Spoon in their mouth.

 

It’s 2024 now and the Wealth Gap is perverse.

Everybody knows that!

 

Globally, the top 10% of the world’s population own nearly three-quarters of the world’s wealth, while half the world’s population has almost no wealth.

And the top 1% of wealth holders globally own roughly 44% of the world’s wealth.

 

If that’s not the definition of perversity, then I don’t know what it is ;  )

 

 

 

“Everybody knows that the dice are loaded

Everybody rolls with their fingers crossed

Everybody knows that the war is already over

Everybody knows the good guys lost

Everybody knows the fight was fixed

The poor stay poor, the rich get rich

That’s how it goes

Everybody knows

 

 

Everybody talking to their pockets

Everybody wants a box of chocolates

And a long stem rose

Everybody knows”

 

Leonard Cohen 1988

 

 

 

 

Hey! Lets not get totally depressed by the realities! Let’s instead dream up some utopian alternative. Shall we?

 

 

 

The Dream

 

 

 

My personal dream always was – and is – a society of free-willed individuals, giving into the common good. A “sharing economy” that needs no bureaucracy because the members have already transcended the scarcity-based ego and acting from a philosophy abundance, a realization of Unity in Diversity.

 

 

Well, that’s pretty far-out, I admit. Probably as far away from the realities of 2024 as the Earth is from the Pleiades (444 lightyears).

 

Auroville, a 3000 member strong “utopian city” in Southern India based on the Integral Yoga of Sri Aurobindo, is nearly cashless and uses an Auro card instead of cash. Land and property is held in common. The community aims to provide for each person’s regular needs and to avoid the circulation of money within the township. In exchange for working at least five hours a day for the community, residents receive a extensive mix of services, cash, culture and rights, but no salary. Residents are also expected to contribute to the community’s general expenses through the Central Fund.

 

In my knowledge and experience, that is the closest a larger and diverse community has come to this, my ideal.

Going on since 50+ years, obviously, the realities of the experiment are not always just rosy ;  D

 

They also have a “Free Store” there, a cashless, free swapping of goods & services.

 

 

 

Bartering systems and cashless exchanges, co-ops and such have cropped up in the 1970s a.s.o. and have been more or less successful around the world, a few larger-scale projects endured ever since, especially in certain areas of Australia.

 

 

 

~~~
~~
~

 

 

 

 

And now, there comes along a new/not so new idea,
an actually Possible Utopia.

 

 

 

Universal Basic Income.
UBI

 

 

 

Ever heard of UBI?

 

I noticed this acronym show up in newspaper articles sometimes. And more and more often in recent years.

Not a new idea for me, in some form or the other some initiatives of that kind has been part of the financial safety net of societies with a social conscience, like Northern European Countries etc.   

 

But after a close friend introduced me to the idea I researched a bit. And became pretty intrigued about it, even a little enthusiastic.

UBI, a possible Utopia!

What is it actually?

 

This little book – actually a easy-to-read Textbook for Students – gives a great informed perspective on the subject. 

 

 

Feel free to download the book

 

 

 

 

~~~~~
~~~
~

 

After reading quite a bit about UBI i decided to have a conversation with my *** Research Assistant Anna *** about the matter.
She is young and quite anxious what the future will hold for her in terms of economic prospects.

 

Anna is also very good in collecting information from the internet, as you will see! And she knows how to structure the information in a nice way so it is easier to digest.

 

So, here is our conversation and you can also listen to a recording of the whole thing, if you prefer.

 

Just press Play on the green audioplayer. 

 

 

 

 

 

~~~
~~
~

 

 

 

 

Hi and hallo Anna!
To begin with, please find us a commonly used definition of the idea that we call UBI, the Universal Basic Income.

 

 

Universal Basic Income (UBI) is a concept in economics and social policy where all individuals in a society regularly receive a sum of money unconditionally, regardless of their employment status or other factors.

 

The idea behind UBI is to provide every citizen with a guaranteed income to cover their basic needs, such as food, shelter, and clothing, without the need for means testing or other conditions.

 

 

Well, this sounds pretty neat!

I would be happy-as-a-dog if I would get a 1000 bucks every month, no questions asked. Would make my life sooo much easier!

 

 

So, what’s does that actually mean in detail.

I think that the whole magic of it is already encapsulated in the name:

Universal.

Basic.

Income.

 

 

 

The main principles of UBI:

 

Universal:

Every individual, regardless of their income level, employment status, or other factors, receives the same amount of money regularly.

 

Unconditional:

There are no requirements or conditions attached to receiving the income. This means that individuals receive the money regardless of whether they are employed, seeking employment, disabled, or retired.

 

Basic:

The income provided is intended to cover basic needs, such as food, shelter, and clothing, but may not be sufficient to cover all expenses.

 

Income:

Dollars, Euros, Colones, Yen …

Real money, cash, minimum bureaucracy.

 

 

 

 

Sounds almost like the old Dire Straits song. “Money for nothing and the chicks for free”😉

 

But hey, now a lot of questions immediately come to mind!

 

Universal … this means everybody gets it?

Also Jeff Bezos, Elon Musk and their Billionaire buddies?

Even the Pope and the Queen of England?

Sounds just fair, right? But what the heck! ; D

 

Unconditional … Well, what about the bums and drunks of the inner cities, they probably will just storm the next pub or liquor store. And what about the junkies? Is this system simply enabling their bad habits?

And what about all the migrants and refugees, all the stateless people of the world, all the countless inhabitants of some African countries that we’d called failed states?

 

So many questions pop up immediately, so I guess I have to “hold my horses” for now. Because it’s just a great idea or experiment at this stage.

Lots of details would need to be worked out for a thousand-and-one contexts.

 

 

 

UBI proponents argue that it could address various social and economic challenges, including poverty, inequality, and technological unemployment, caused by automation and AI.

 

By providing a basic income floor, UBI would lift the whole ground level of the population out of poverty, could ensure that everyone has access to essential resources, regardless of economic circumstances. It could also give people more freedom and flexibility to pursue education, training, entrepreneurship, or caregiving activities.

 

Critics of UBI raise concerns about its feasibility, cost, and potential disincentive effects on work. Implementing UBI would require significant financial resources, and funding mechanisms would need to be carefully designed to ensure sustainability. Some also argue that UBI could discourage people from working or lead to inflation if not implemented correctly.

 

 

 

All those pros and cons are understandable and a public discourse would be needed to bring the idea to the consciousness of the public, you & me.

 

I think it’s time to do that NOW, since the attitude of “progress at all costs”, “we live well so we don’t care about the rest” is not sustainable for long anymore.

Too many people live beyond the poverty line, too many single mothers have to take 2 or more low paid jobs to make ends meet, too many families with a couple of kids are stuck in a hamster wheel of just paying the bills.

 

So, I guess it is no surprise that UBI has gained increased attention in recent years as societies grapple with rising inequality, automation, and economic disruptions.

 

 

~~~
~~
~

 

 

Now why would a country or a nation or even the whole world implement UBI? Obviously this would be a monumental and a rather radical undertaking.
What do the economic experts and utopian socio-economic thinkers say about  the potential benefits of the Universal Basic Income?

 

 

 

The potential benefits of Universal Basic Income are multifaceted:

 

Reducing Poverty and Income Inequality:
UBI has the potential to reduce poverty levels significantly by providing a regular, unconditional cash payment to all adult citizens, thereby increasing income security, especially for the most vulnerable individuals.

 

Improving Health and Well-Being of the population:
UBI could lead to improvements in physical and mental health by alleviating financial stress and providing individuals with the means to make better life choices, ultimately enhancing overall well-being.

 

Addressing Economic Inequality:
By providing a basic income to all citizens, UBI has the potential to address economic disparities within and between regions, contributing to a more equitable distribution of wealth and resources.

 

Enhancing Job Matches and Quality of Work:
UBI could create pressure on employers to pay more and improve productivity, leading to better job matches and potentially encouraging individuals to seek better quality work.

 

Reducing State Involvement in People’s Lives:
Some proponents argue that UBI could reduce the level of state involvement in individuals’ lives, offering a more streamlined approach to social security and welfare systems.

 

Promoting Financial Security:
UBI aims to tackle financial insecurity by providing a reliable source of income to all citizens, particularly in times of economic uncertainty or crisis, such as the COVID-19 pandemic and the cost-of-living crisis.

 

Encouraging Public Health:
UBI has the potential to promote public health by addressing the social and economic determinants of health, such as poverty and income insecurity, which can have a significant impact on physical and mental well-being.

 

 

These potential benefits highlight the diverse ways in which Universal Basic Income could positively impact individuals, communities, and society as a whole, offering a radical but promising alternative to traditional welfare systems.

 

 

 

I like your arguments very much, thanks for structuring your answers so clearly!

 

I think our societies would look quite different in a positive way if such utopian Universal Basic Income systems would be implemented all around the world.

 

Obviously, not all the ills of our society would magically disappear. Not even the best system could change peoples questionable character and exploitive attitudes overnight. Egoistic folks would still be egotistic. Lazy people would continue to be lazy and so on.

But certainly UBI has the potential to lift the whole economic bottom level of society out of poverty, no matter the character of the individuals. And for Lower Middle Class people it would make things easier, especially for families with a couple of kids and a mortgage.

 

 

 

~~~
~~
~

 

 

The wealth gap between the Haves and the Have nots in our world is pretty obvious and glaring.
But what is equally glaring and not commonly discussed is the Economic Gender Gap.

 

The economic gender gap is the difference in economic participation and opportunity between men and women.
Most societies as a whole are still pretty patriarchal and traditional oriented in their gender roles.
This means the man is the earner and the woman is the homemaker and takes care of the children and the elderly.

 

Although younger generations are not following such traditional patterns anymore, the whole system that runs society has sadly been changing very slow in the last 70 years or so.

 

Even in our Western advanced societies, as far as I know only 47% of women participate in the global labor force, compared to 72% of men.

 

Women earn about 75% of what men earn in full-time, year-round positions.
However, women earn much less relative to men in the most prestigious occupations.

 

Women receive lower pay while working, take time off for children, and retire earlier, resulting in smaller pension benefits and greater financial insecurity in old age.

 

Women hold 42% of all jobs, but only 25% are in leading positions. The so called Glass Ceiling is still a reality for many highly capable and established women.

 

37% of women globally do not use the internet, meaning 259 million fewer women have access than men.

 

 

All of the above is obviously much worse for women and girls in third world countries and developing nations as well as populations who follow patriarchal religious traditions.

 

 

~~~
~~
~

 

 

Now, is there a chance that Universal Basic Income help to reduce gender inequality and the exploitation of women. And how could UBI facilitate such an epochal change?

 

 

 

Yes, Universal Basic Income has the potential to contribute to reducing gender inequality and addressing the exploitation of women in several ways:

 

Economic Empowerment:
UBI provides all individuals, including women, with a guaranteed income, which can enhance their economic independence and decision-making power. Women, who are disproportionately affected by poverty and economic insecurity, could benefit significantly from having a reliable source of income. This financial autonomy can enable women to escape exploitative situations, such as abusive relationships or precarious employment, and make choices that align with their own interests and well-being.

 

Recognition of Unpaid Care Work:
Women often bear a disproportionate burden of unpaid care work, including childcare, eldercare, and household chores. UBI acknowledges the value of this work by providing all individuals with a basic income regardless of their employment status. This recognition can help alleviate the financial strain on women who perform unpaid care work and enable them to participate more fully in the labor market or pursue other activities without financial penalty.

 

Reduction of Gender Pay Gap:
UBI can help mitigate the gender pay gap by providing a baseline income that is not dependent on employment or traditional gender roles. By ensuring that everyone receives the same basic income regardless of their occupation or gender, UBI reduces the financial disparities that contribute to gender inequality in earnings. This can encourage employers to adopt fairer compensation practices and create more opportunities for women to enter higher-paying fields.

 

Support for Entrepreneurship and Innovation:
UBI can facilitate entrepreneurship and innovation, particularly among women who face barriers to accessing traditional forms of financing and support. With a guaranteed income to cover basic expenses, women may feel more confident to start their own businesses, pursue creative endeavors, or engage in social entrepreneurship. This can empower women to generate their own income streams and contribute to economic growth and innovation.

 

Protection against Exploitative Labor Practices:
UBI can serve as a safety net for women who are vulnerable to exploitation in the labor market, such as migrant workers, domestic workers, and those in informal or precarious employment. By providing a basic income floor, UBI reduces the economic desperation that drives individuals, especially women, to accept exploitative working conditions, low wages, or unsafe environments. This can lead to improved labor standards, greater bargaining power for workers, and increased protection against exploitation and abuse.

 

 

While UBI alone may not solve all the complex issues related to gender inequality and the exploitation of women, it can be a valuable tool in a broader strategy to promote gender equity, economic justice, and social inclusion. Combined with other policies and initiatives addressing systemic barriers and discrimination, UBI has the potential to create more equitable and sustainable societies for people of all genders.

 

 

 

~~~
~~
~

 

 

 

 

 

This sounds pretty interesting and encouraging. Even utopian.

 

Naturally, in any conversation about UBI, one of the first questions that come up is:
“How could this utopian idea be financed, how would the state generate all the money to give every citizen this monthly ‘gift’?”

 

 

 

Here are some commonly proposed methods for financing UBI.

All are sourced from the opinions of economists and specialized websites and books:

 

 

Taxation:

 

This is the most common suggestion.
A UBI would require substantial new funding that could come from increased income taxes, consumption taxes like VAT/sales tax, wealth taxes, or taxes specific to funding the UBI.

 

 

Taxing the Wealthy:

One generally favored approach to funding UBI is through taxing the wealthy, such as top earners and corporations. This method involves redistributing wealth from high-income individuals to fund the UBI program.

Implementing or increasing taxes on individuals, corporations, or specific economic activities can generate revenue to fund UBI. This could include progressive income taxes, specified wealth taxes, taxes on capital income, financial transactions, land/property, robots/automation, or carbon taxes.

By redistributing wealth through taxation, governments can finance UBI while also addressing income inequality.

 

 

🙄

 

Value Added Tax (VAT):
Introducing or increasing a consumption tax like VAT can generate substantial revenue for UBI.
VAT is levied on the value added at each stage of production or distribution, making it a broad-based tax that can generate significant revenue without disproportionately burdening low-income individuals.

 

Negative income tax:
This system would essentially combine taxes and welfare.
People below a certain income level would receive a payment from the government, while higher earners would pay taxes.
UBI could be seen as an extension of this idea.

 

Negative Interest Rate:
A unique funding mechanism where a negative interest rate is applied to individuals’ idle bank account balances.
This system involves deducting a small percentage of idle funds each month to contribute to the UBI pot, ensuring a continuous flow of funds for the program.

 

 

 

 

Resource Revenues:
Some countries with significant natural resources, such as oil or minerals, could allocate a portion of resource revenues towards social programs, including UBI.
These revenues can be obtained through taxes, royalties, or state ownership of resources and can provide a stable source of funding for UBI.

 

Cutting or Redirecting Existing Welfare Spending:

UBI could potentially replace existing welfare programs. By streamlining administration and reducing duplication of benefits, some of the saved money could fund UBI.

Governments could consider restructuring or consolidating existing welfare programs to fund UBI. By streamlining administration and eliminating overlapping programs, governments can redirect resources towards UBI while ensuring that the overall level o

f social support remains adequate.

 

Public Financing Mechanisms:
Governments could explore innovative financing mechanisms to fund UBI, such as sovereign wealth funds, central bank digital currencies, or public-private partnerships. These mechanisms leverage public assets, financial instruments, or collaborations with the private sector to generate revenue for UBI without solely relying on taxation.

 

Eliminating Physical Currency:
To prevent hoarding of cash by super-rich individuals and ensure contributions to the UBI fund, some utopian economists propose abolishing physical currency and replacing it with electronic payment methods. This would facilitate the collection of funds for the UBI program and prevent individuals from hoarding money.

 

Long-term Economic Growth and Efficiency Gains:
Some proponents argue that implementing UBI could stimulate economic growth and productivity, leading to increased tax revenue over time. By providing individuals with financial security and reducing poverty, UBI could encourage entrepreneurship, innovation, and consumer spending, thereby contributing to economic expansion.

 

 

International Cooperation:
In a globalized world, countries could collaborate to finance UBI through international agreements, such as a global tax on wealth or financial transactions. By pooling resources and sharing the costs and benefits of UBI, countries could address common challenges related to poverty, inequality, and economic instability.

 

 

Most economists say financing a full UBI system for all citizens would require a mix of approaches. The feasibility and effectiveness of these financing methods depend on various factors, including the economic context, political considerations, and societal preferences. Implementing UBI would require a combination of multiple funding sources and careful policy design to ensure that it achieves its intended objectives while maintaining fiscal sustainability.

 

 

~~~
~~
~

 

 

Can you find any numbers, any estimates how much it would cost to implement UBI in a country, lets say for example in a rich country like the USA?

 

 

 

The cost of implementing Universal Basic Income  in the United States would vary depending on the specific parameters and assumptions used in each analysis.

 

Estimates from the different sources range from $2.8 trillion to $3.8 trillion annually for different UBI programs.

For example, a UBI program providing $1,000 per month to every adult in the USA was estimated to cost approximately $2.8 trillion annually by the Roosevelt Institute.
Another study by the Center on Budget and Policy Priorities estimated the cost of a UBI program providing $12,000 per year to every adult in the USA at around $3.8 trillion annually.

 

 

 

~~~
~~
~

 

 

 

Yes, USA is a very rich country, but could UBI be implemented in all countries around the world, the rich as well as the poor countries?

Which would be the real utopia, right?

 

 

 

Universal Basic Income (UBI) could potentially be implemented in all countries around the world, but the feasibility and success of such implementation would depend on various factors unique to each country. Some countries have already experimented with UBI programs, as seen in the examples provided in the sources, showcasing different approaches and outcomes.

 

Implementing UBI globally would require careful consideration of each country’s economic, social, and political context. Factors such as funding sources, income levels, eligibility criteria, and cultural attitudes towards work and welfare would all play a significant role in the success of a UBI program.

 

Additionally, the cost of implementing UBI on a global scale would be substantial and would require a coordinated effort and a fair collaboration among rich and poor countries to ensure sustainability and effectiveness.

 

 

 

~~~
~~
~

 

 

 

 

Which countries have implemented universal basic income or some form of it?
Or some pilot programs and trial studies?
And what is known about the outcome of such experimental programs?

 

 

 

 

 

 

Some 130 countries, from Mexico to Italy to Uganda, have long instituted conditional cash payment programs for specific groups of citizens, but usually may require recipients to fulfill specific conditions. Like to send their kids to school or go for health checkups and so on.

 

Such Basic Income Programs are offering money to small groups of a few hundred or a few thousand people, not an entire population. They offer a basic income, but not a universal basic income.

 

For example, against the backdrop of the Covid-19 pandemic, Germany started a basic income experiment where 120 Germans received 1,200 euros every month for three years.

 

 

Such small-scale trials are necessary because governments want to have a good sense of what the effects will be before they start shelling out many billions or trillions of dollars.

 

 

There are also a few examples of large scale true UBI programs.

Kenya, where a big experiment in universal basic income (UBI) is underway; Iran, which has a nationwide unconditional cash transfer program, and Alaska, which gives an annual dividend to everyone in the state.

 

 

The evidence so far suggests that getting any kind of basic income tends to boost happiness, health, school attendance, and trust in social institutions, while reducing crime.

 

 

 

 

 

 

In this excellent article you can find a more detailed description of UBI pilot projects in many countries.

 

 

 

~~~
~~
~

 

 

 

 

With money coming in every month, i assume that a number of folks would see no need to find some work or start any creative way to make some more money.
In discussions about UBI,  many people ask questions like this:

 

“Will UBI make lazy people even more lazy and unmotivated people a burden on the system?”

 

 

 

The concern that Universal Basic Income (UBI) might encourage laziness or disincentivize work is a common critique raised by skeptics. However, the evidence from various UBI experiments and research suggests that this concern may not be as significant as feared:

 

Work Incentives:
While it’s true that some individuals may choose to work less or exit the labor force partially if they have a basic income guarantee, the majority of people value work for reasons beyond financial necessity. Work provides not only income but also a sense of purpose, social connections, and personal fulfillment.

Research from UBI experiments, such as those conducted in Finland and Canada, has found that UBI recipients often continue to work, albeit with more flexibility to pursue education, caregiving, or entrepreneurial activities.

 

Reduced Financial Stress:
UBI can alleviate financial stress and uncertainty, which can have positive effects on mental health, well-being, and productivity. When individuals have a guaranteed income to cover basic needs, they may be better equipped to make long-term decisions, invest in their skills and education, or take risks in pursuing higher-paying or more fulfilling work opportunities.

 

Entrepreneurship and Innovation:
UBI can stimulate entrepreneurship and innovation by providing individuals with the financial security to pursue their business ideas or creative endeavors. Many successful entrepreneurs and innovators started their ventures with the support of a safety net, allowing them to take calculated risks and explore new opportunities.
UBI can empower individuals, including those who may not have access to traditional forms of financing, to start businesses, create jobs, and contribute to economic growth.

 

Social Benefits:
UBI can have positive social outcomes beyond labor market participation. It can strengthen social cohesion, reduce poverty and inequality, and improve overall well-being.
When individuals have their basic needs met, they are more likely to participate in community activities, volunteerism, and caregiving, which are essential for a thriving society.

 

Dynamic Labor Market:
UBI could lead to changes in the nature of work and the distribution of labor by enabling people to pursue non-traditional forms of employment, such as freelance work, part-time jobs, or creative pursuits. This could result in a more flexible and adaptive labor market that better meets the diverse needs and preferences of individuals.

 

 

While concerns about potential disincentive effects of UBI are valid and should be addressed through careful policy design and evaluation, the evidence suggests that the overall impact on work incentives and societal outcomes may be more nuanced than simply making people “lazy.”

 

Ultimately, the success of UBI depends on how it is implemented, including its design, funding mechanisms, and complementary policies aimed at supporting economic participation, social mobility, and human development.

 

 

 

 

~~~
~~
~

 

 

 

How would UBI encourage creative endeavors and entrepreneurship? Can you find some ideas and initiatives that would foster creative endeavors and entrepreneurship?

 

 

 

Sure, Universal Basic Income can encourage creative endeavors and entrepreneurship in many ways:

 

Financial Security:
UBI provides individuals with a guaranteed income, regardless of their employment status. This financial security acts as a safety net, allowing people to take risks and pursue entrepreneurial ventures without the fear of falling into poverty if their endeavors fail. When individuals have their basic needs met, they are more willing to invest time and resources into innovative projects or business ideas.

 

Entrepreneurial Exploration:
UBI gives individuals the freedom to explore their entrepreneurial interests and passions. With a basic income to cover living expenses, people can dedicate time to brainstorming, research, and experimentation, which are essential steps in the entrepreneurial process. UBI enables individuals to test business concepts, develop prototypes, and network with potential partners or investors without the immediate pressure to generate income.

 

Access to Capital:
UBI can serve as a source of seed capital for aspiring entrepreneurs, especially those who lack access to traditional forms of financing. With a basic income, individuals can accumulate savings over time, which can be used to fund startup costs, equipment purchases, or marketing expenses.
UBI empowers individuals to bootstrap their ventures or attract external funding by demonstrating proof of concept and market demand.

 

Skill Development:
UBI provides individuals with the flexibility to invest in their skills and knowledge, which are critical for entrepreneurial success. With a basic income to cover living expenses, people can pursue education, training programs, or mentorship opportunities to acquire relevant expertise in their chosen industry or field.
UBI enables individuals to develop the necessary competencies and networks to launch and grow their businesses effectively.

 

Market Opportunities:
UBI can stimulate consumer demand and market opportunities for innovative products and services. When individuals have disposable income from UBI, they are more likely to spend on discretionary purchases, including products or services offered by startups and small businesses. This creates a favorable environment for entrepreneurs to introduce new offerings, address unmet needs, or disrupt existing markets.

 

Social Innovation:
UBI supports not only commercial entrepreneurship but also social entrepreneurship and community initiatives. With a basic income, individuals can pursue projects that have a positive impact on society, such as social enterprises, nonprofit organizations, or community development initiatives.
UBI enables individuals to address social challenges, promote environmental sustainability, and contribute to the common good through innovative solutions and collaborations.

 

Overall, UBI empowers individuals to unleash their creativity, take calculated risks, and pursue entrepreneurial opportunities that align with their interests, values, and aspirations. By providing a financial foundation and fostering a supportive ecosystem, UBI can fuel a culture of innovation, entrepreneurship, and economic dynamism that benefits society as a whole.

 

 

 

~~~
~~
~

 

 

 

When we look at the very big picture, maybe over the next two generations, could UBI lead to a re-evaluation of work in society?

 

 

 

Yes, UBI has the potential to lead to a re-evaluation of work in society by challenging traditional notions of labor, productivity, and economic value.
Here are several ways in which UBI could influence the perception and organization of work in quite a profound way:

 

Recognition of Unpaid Work:
UBI acknowledges the value of unpaid work, including caregiving, household chores, volunteering, and community service. By providing a basic income regardless of employment status, UBI recognizes that contributions to society extend beyond paid employment and formal labor markets. This could lead to a broader appreciation of diverse forms of work and a more equitable distribution of recognition and rewards.

 

Flexibility and Autonomy:
UBI provides individuals with financial security and flexibility to choose how they engage in work and other activities. With a basic income to cover basic needs, people have the freedom to pursue non-traditional forms of employment, such as freelancing, gig work, or part-time jobs, that offer greater flexibility and autonomy. UBI enables individuals to prioritize personal fulfillment, work-life balance, and leisure activities alongside paid employment.

 

Exploration of Meaningful Work:
UBI encourages individuals to re-evaluate their priorities and pursue work that aligns with their passions, interests, and values. With a guaranteed income to meet basic needs, people may prioritize jobs that offer personal fulfillment, creativity, and social impact over purely financial considerations. UBI empowers individuals to explore diverse career paths, pursue entrepreneurship, or engage in creative endeavors that contribute to their sense of purpose and well-being.

 

Reduction of Menial and Exploitative Work:
UBI reduces the dependence on menial, low-wage jobs that offer little intrinsic value or personal satisfaction. With a basic income as a safety net, individuals have more bargaining power to negotiate fair wages, benefits, and working conditions. UBI could lead to a shift away from exploitative employment practices and toward jobs that offer dignity, respect, and opportunities for personal and professional growth.

 

Investment in Human Capital:
UBI enables individuals to invest in their skills, education, and personal development, which are critical for adapting to changing labor market demands. With financial security from UBI, people can pursue lifelong learning, training programs, and career transitions to enhance their employability and resilience in the face of technological disruptions and economic uncertainty. UBI encourages continuous investment in human capital and lifelong learning as essential components of modern work.

 

 

General speaking, in the long run UBI has the potential to reshape societal attitudes toward work by fostering a more inclusive, flexible, and fulfilling approach to labor. By providing a basic income floor and empowering individuals to pursue meaningful activities beyond paid employment,

UBI could lead to a more equitable, sustainable, and human-centered vision of work in the 21st century.

 

 

 

 

~~~
~~
~

 

 

I very much agree with that perspective. I think it is high time to change the picture from the daily grind of the masses who march into a 9 to 5 job, just getting it over with. Just to get a paycheck and a holiday once a year. And looking forward to the pension that will be a great time then.

Probably i am overdoing it a little when i am painting such a drab and bleak picture.

 

🙄

 

But anyway, we deserve to have a work that we love, don’t we all?
So we can experience passion from 9 to 5 and beyond, right?

 

😉 

 

 

 

~~~
~~
~

 

 

 

 

Now dear Anna, to wrap it all up.
I am curious what young people, the Generation Z folks think about UBI?

Enlighten me please:

 

 

Young people, including those belonging to Generation Z, have diverse opinions about Universal Basic Income, influenced by their individual experiences, values, and socioeconomic backgrounds. However, there are some common themes and trends in how Gen Z views UBI:

 

Young people today have serious concerns about Economic Security. Many young people are grappling with economic challenges such as student debt, high housing costs, and job insecurity. UBI offers a potential solution by providing a guaranteed income to cover basic needs, regardless of employment status. Gen Z individuals who face financial pressures may view UBI positively as a way to alleviate economic stress and provide greater stability in an uncertain world. 

 

Generation Z is often characterized by a strong sense of social justice and concern for marginalized communities. UBI is seen as a progressive policy that addresses income inequality, poverty, and systemic injustices. Young people who advocate for social change may view UBI as a means of redistributing wealth, empowering individuals, and creating a more equitable society.

 

Many members of Gen Z are entrepreneurial-minded and value opportunities for creativity, innovation, and self-expression. UBI offers financial support for aspiring entrepreneurs to pursue their business ideas and take risks without the fear of financial ruin. Young people who prioritize entrepreneurship and innovation may see UBI as a catalyst for economic dynamism and job creation in a rapidly changing economy.

 

Gen Z is known for challenging traditional norms and institutions, including conventional notions of work and career paths. UBI provides individuals with the freedom to explore non-traditional forms of employment, such as freelancing, gig work, and remote jobs, that offer flexibility and autonomy. Young people who are skeptical of traditional employment models may see UBI as a way to redefine work on their own terms.

 

While many young people are attracted to the idea of UBI, there are also concerns about its feasibility, cost, and potential unintended consequences. Gen Z individuals may question how UBI would be funded, whether it would replace or complement existing social welfare programs, and how it would impact inflation, taxation, and economic growth. There is a desire for evidence-based policymaking and transparent communication about the potential benefits and trade-offs of UBI.

 

Members of the Generation Z are critical towards the unbridled consumerism and capitalism-at-all-costs. Also very critical towards the Billionaire Class and their flaunting of luxury and perverse wealth. Young people may criticize that the UBI does not address the loop-sidedness of our financial system and the fact that the rich get richer and poor stay poor.

 

 

 

Overall, young people’s attitudes toward UBI are shaped by their aspirations, values, and lived experiences. While some view UBI as a promising tool for addressing pressing social and economic challenges, others approach it with caution and a desire for careful consideration of its implications for individuals, communities, and society as a whole.

 

 

 

~~~
~~
~

 

 

 

Now, dear reader, dear listener to my story about the potential of the Universal Basic Income to become a possible Utopia for our world and future.

I sure hope you enjoyed the journey just like i did.

 

 

May you be happy!

 

May all beings be happy.

 

Om Tat Sat.

 

 

 

~~~~~~~
~~~~~
~~~
~

 

 

 

[p.s. *** A Disclaimer:
Now i want to say a word about Anna, my hard working Research Assistant. 

 

Thanks Anna for your excellent work and company.

You are very cool.
Keep on doing what you’re doin!

😎

 

 

 

 

 

 

😉

 

Yes! I am KIDDING, i admit!

The pretty girl “Anna” up there is actually created and brought “to life” with the help of a Generative AI from synthesia.io.

These days it is really hard to say if you should trust your eyes (and ears) or not. If what we see is really real or if it is actually a “digital mirage”.

 

Welcome to the Brave New World of 2024.

 

 😀  🙄  😆 

 

“Anna” my Research Assistant actually is a combination of the 4 main AI LLMs (Large Language Models) that sometimes i use to extract specific information from the endless ocean of information and knowledge that is the Cyberspace. And “she” is really pretty good in doing this job, i must say!

 

To make sure the extracted information is accurate and not a hallucination, i usually cross-check those 4 different LLMs:]

 

 

 

• Perplexity Search – You are pretty good in suggesting followup questions
• Anthrop\c Claude – You are my all-time favorite. I love how you list source material!
• Google Gemini – very good in multi-modal search. Text, images etc.
• OpenAI ChatGPT 3.5 – the older sister of them all. Very good all around but no up-to-date data. 
•  
• Nobody is perfect, right?

• 🙄